$WSO
WATSCO INC

2017 Q1 Form 10-Q Financial Statement

#000119312517160753 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $872.1M $851.4M
YoY Change 2.43% 5.25%
Cost Of Revenue $653.5M $639.0M
YoY Change 2.28% 5.66%
Gross Profit $218.6M $212.4M
YoY Change 2.88% 4.03%
Gross Profit Margin 25.06% 24.95%
Selling, General & Admin $169.9M $161.8M
YoY Change 4.99% 2.9%
% of Gross Profit 77.72% 76.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.365M $4.957M
YoY Change 8.23% 7.27%
% of Gross Profit 2.45% 2.33%
Operating Expenses $169.9M $161.8M
YoY Change 4.99% 2.9%
Operating Profit $48.70M $50.67M
YoY Change -3.89% 7.79%
Interest Expense -$1.300M $986.0K
YoY Change -231.85% -28.4%
% of Operating Profit -2.67% 1.95%
Other Income/Expense, Net
YoY Change
Pretax Income $47.44M $49.68M
YoY Change -4.5% 8.88%
Income Tax $13.68M $15.51M
% Of Pretax Income 28.83% 31.21%
Net Earnings $26.18M $25.54M
YoY Change 2.52% 10.8%
Net Earnings / Revenue 3.0% 3.0%
Basic Earnings Per Share $0.71 $0.71
Diluted Earnings Per Share $0.71 $0.71
COMMON SHARES
Basic Shares Outstanding 32.64M shares 32.51M shares
Diluted Shares Outstanding 32.68M shares 32.54M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.40M $32.90M
YoY Change 44.07% 101.84%
Cash & Equivalents $47.42M $32.86M
Short-Term Investments
Other Short-Term Assets $19.98M $18.79M
YoY Change 6.29% -4.96%
Inventory $751.5M $746.1M
Prepaid Expenses
Receivables $481.6M $464.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.301B $1.262B
YoY Change 3.06% -0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $90.53M $61.87M
YoY Change 46.34% 16.48%
Goodwill $380.2M $381.2M
YoY Change -0.28% -0.34%
Intangibles $158.3M $166.2M
YoY Change -4.76% -4.67%
Long-Term Investments
YoY Change
Other Assets $5.758M $5.621M
YoY Change 2.44% -8.47%
Total Long-Term Assets $634.8M $615.0M
YoY Change 3.22% -0.2%
TOTAL ASSETS
Total Short-Term Assets $1.301B $1.262B
Total Long-Term Assets $634.8M $615.0M
Total Assets $1.935B $1.877B
YoY Change 3.11% -0.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $259.7M $222.5M
YoY Change 16.73% -6.64%
Accrued Expenses $117.4M $124.6M
YoY Change -5.77% 5.88%
Deferred Revenue
YoY Change
Short-Term Debt $1.596M $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $378.9M $347.3M
YoY Change 9.11% -2.5%
LONG-TERM LIABILITIES
Long-Term Debt $280.6M $238.4M
YoY Change 17.72% -30.16%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $280.6M $238.4M
YoY Change 17.72% -30.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $378.9M $347.3M
Total Long-Term Liabilities $280.6M $238.4M
Total Liabilities $956.9M $585.6M
YoY Change 63.4% -16.03%
SHAREHOLDERS EQUITY
Retained Earnings $539.3M $490.8M
YoY Change 9.88% 17.02%
Common Stock $593.3M $628.6M
YoY Change -5.62% 3.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $978.3M $968.1M
YoY Change
Total Liabilities & Shareholders Equity $1.935B $1.877B
YoY Change 3.11% -0.67%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $26.18M $25.54M
YoY Change 2.52% 10.8%
Depreciation, Depletion And Amortization $5.365M $4.957M
YoY Change 8.23% 7.27%
Cash From Operating Activities $34.30M $41.90M
YoY Change -18.14% -349.4%
INVESTING ACTIVITIES
Capital Expenditures $4.147M $2.743M
YoY Change 51.18% -11.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% 0.0%
Cash From Investing Activities -$4.100M -$2.700M
YoY Change 51.85% -10.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.387M $2.101M
YoY Change -33.98% 52.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.90M -41.60M
YoY Change -6.49% -446.67%
NET CHANGE
Cash From Operating Activities 34.30M 41.90M
Cash From Investing Activities -4.100M -2.700M
Cash From Financing Activities -38.90M -41.60M
Net Change In Cash -8.700M -2.400M
YoY Change 262.5% -69.23%
FREE CASH FLOW
Cash From Operating Activities $34.30M $41.90M
Capital Expenditures $4.147M $2.743M
Free Cash Flow $30.15M $39.16M
YoY Change -22.99% -296.63%

Facts In Submission

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CY2017Q1 dei Document Type
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CY2017Q1 dei Trading Symbol
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CY2017Q1 dei Amendment Flag
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CY2017Q1 dei Current Fiscal Year End Date
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CY2017Q1 dei Document Period End Date
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CY2017Q1 dei Entity Filer Category
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 14pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 5pt"> The preparation of condensed consolidated unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.</p> </div>
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CY2017Q1 dei Entity Registrant Name
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-1901000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
69118000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11934000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
46305000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32965000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
34174000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
30033000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
13000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
13693000
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-986000
CY2016Q1 us-gaap Gross Profit
GrossProfit
212447000
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-601000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-1086000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-793000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12131000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23124000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23124000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49682000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4957000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
87000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15508000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
75936000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2674000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-293000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2101000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
69000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2785000
CY2016Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
854000
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
2413000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
161779000
CY2016Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
638977000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-41638000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8637000
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
778000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
4000
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2413000
CY2016Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-7400000
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1056000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2373000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
13340000
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
1066000
CY2016Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-45000
CY2016Q1 wso Non Cash Contribution To401 K Plan
NonCashContributionTo401KPlan
2348000

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